Hanoi Re named “Best (Re)Insurer” as record profits and ratings upgrade mark 15th anniversary

The recognition caps a year in which the company posted its highest-ever profit, secured an upgraded credit rating from AM Best, and saw its share price climb to a five-year-high.

Record financial results

For the 2025 fiscal year, Hanoi Re reported total revenue of VND3.69 trillion ($141.92 million), fulfilling 111.6 per cent of the plan, with reinsurance premium income of $120 million. Profit before tax reached $11.59 million, up 24.6 per cent on-year and 23.5 per cent above target, while profit after tax stood at nearly $9.22 million.

Total assets grew 11.3 per cent to more than $286.92 million, with owners’ equity at close to $64.23 million. The 2025 financial statements were audited by PwC with an unqualified opinion.

Underlying technical performance also improved: reinsurance underwriting profit reached $3.05 million, more than double its target, reflecting a recovery in the core reinsurance business following losses linked to Typhoon Yagi in 2024.

Hanoi Re maintained a cash dividend of 17 per cent of charter capital for 2025, continuing a track record of stable payouts – the company had held dividends at 16 per cent for eight consecutive years prior to this increase.

On the Hanoi Stock Exchange, its shares touched VND30,400 ($1.17) in July, their highest level since the stock’s listing in late 2020.

Credit rating upgrade

In March 2026, AM Best upgraded Hanoi Re’s Long-Term Issuer Credit Rating from “bbb” to “bbb+,” while affirming a Financial Strength Rating of B++ (Good) and a National Scale Rating of aaa, all with stable outlooks. AM Best cited strong balance sheet strength and operating performance, alongside an appropriate risk management framework, with average return on equity of 14.4 per cent over 2021-2025.

International growth and strategic partnership business generated outside Vietnam now accounts for close to 20 per cent of Hanoi Re’s total inward reinsurance premium, with the company active across roughly 50 countries and territories in Asia, the Middle East, and Africa.

Hanoi Re counts PVI Holdings as its majority shareholder alongside HDI Global SE, a member of the Talanx Group, and Petrovietnam.

PVI Holdings has indicated it is open to divest up to 30 per cent of Hanoi Re to a foreign strategic investor, with selection criteria extending beyond capital to technical underwriting capability and the potential to support Hanoi Re’s international distribution network. Discussions with prospective partners remain ongoing.

Outlook for 2026

For 2026, Hanoi Re has set a target of $152.69 million in total revenue while continuing its 17 per cent dividend policy. The company said it would continue to rebalance its portfolio towards higher-margin business lines, selectively expand in overseas markets, and invest further in pricing, risk assessment, data, and technology capabilities amid a softer global reinsurance pricing cycle.

PVIRe taking the initiative on the reinsurance market Vietnam’s reinsurance market is witnessing stiff competition between two local players, the Vietnam National Reinsurance Corporation, which came into being in 1994, and PVIRe, a pillar of leading financial insurance institution PVI Holdings.

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